9th Islamic Trade Fair to strengthen Arab economies
The 9th Islamic Trade Fair opened on December 21 at the new Expo Centre Sharjah and will have a run up to December 26. The event has brought together over 600 companies participating from the 57 OIC member states, and also non-Islamic countries with Islamic communities such as Thailand, Singapore and France.
The show was inaugurated by Member of the Supreme Council and Ruler of Sharjah Sheikh Sultan Bin Mohammed Al-Qassimi. The event was organized by Al-Qassimi in co-operation with the United Arab Emirates (UAE) Ministry of Economy and Commerce and the Federation of Chambers of Commerce & Industries and with the Islamic Centre for Development of Trade and the Islamic Chamber of Commerce & Industry.
With a total 1.3 billion population, which is one third of the world’s population and commanding about 30 percent of the earth’s natural resources, the Islamic nations are in a favorable position to strengthen their respective economies, and the Islamic Trade Fair will be acting as a good stimulant for growth and development, said Deputy Director General of Expo Centre Sharjah.
Total exports of the 57 Organization of Islamic Conference (OIC) member states in 2000 stood at $531 million, up from $394.8 million in 1999. However, out of the total exports, only 11 percent was to the OIC member states and the rest to other non-Islamic countries. At the same time, total imports of the OIC member states in 2000 stood at $ 421 million as compared to $ 355 million in 1999.
Out of the total imports, only 13 percent was from the OIC member states, while the rest was from non-OIC member states. Commenting on these figures, Khan further pointed out that this clearly shows that there is a large scope for increasing trade within the OIC member states.
The show will feature a wide range of consumer, household and industrial products and services, besides investment and joint venture opportunities. — (menareport.com)
© 2002 Mena Report (www.menareport.com)